The Two Main Classifications of Business Products Are

question 60

Multiple Choice

The two main classifications of business products are

• A) durable and nondurable products.
• B) components and support products.
• C) tangible and intangible products.
• D) consumer and industrial products.
• E) derived and maintenance products.

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Definitions:

Drawer

The person who writes or issues a check, draft, or bill of exchange, thereby creating an obligation to pay.

Payee

The individual or entity to whom money is payable, typically the recipient of a check or electronic payment.

Demand Instrument

A financial document, like a check or promissory note, that is payable on demand or presentation.

Time Instrument

A financial document that specifies payment to be made at a future date.